Nebraska Mortgage Loan Officer Pre-Licensure
How to Get a Mortgage Loan Officer License in Nebraska
How to Get Started as a
Nebraska Mortgage Loan Officer | Requirements to Become an MLO Through NMLS
We’ve compiled the six steps you’ll need to take to enroll in Nebraska Pre-Licensure Education (PE) and start your new career as a Mortgage Loan Officer (MLO). We’ve also answered some of the most common questions that prospective Nebraska Loan Officers have as they consider this exciting new career.
How to Become a Loan Officer in Nebraska
1. Request an NMLS Account
Before beginning the educational component of licensing, prospective Loan Officers must create an NMLS (Nationwide Multistate Licensing System & Registry) account on the State Mortgage Registry website. NMLS is a national database in which all Nebraska MLOs must register. After creating their account, applicants receive a personal NMLS number that will be maintained for the duration of their time working as a Loan Officer.
2. Complete NMLS-Approved Pre-Licensure Education
In Nebraska, you’re required to complete 20 hours of coursework in order to meet the education requirements. The courses include the following:
- 3 hours of Federal Law
- 3 hours of Ethics
- 2 hours of Non-Traditional Mortgage Lending
- 10 hours of General Electives
- 2 hours of Nebraska-specific defined electives
The Nebraska-specific 2-hr. course is required by the Nebraska state licensing agency, also known as the Nebraska Department of Banking & Finance.
3. Pass the SAFE Mortgage Loan Officer Test
The SAFE MLO Test can be scheduled by visiting the NMLS website. Applicants use their existing account number to schedule the exam. The exam has 115 scored questions, and test takers must answer at least 75% correctly. It costs $110 to take, and students are given 3 hours and 10 minutes to complete the test. You can learn more by reviewing the MLO Testing Handbook.
Did You Know?
The SAFE MLO Test is not easy, and NMLS previously released a statement that the first-time pass rate was only 58%. Study smarter by purchasing a comprehensive Exam Prep program to help you feel confident on test day.Buy Your Exam Prep »
4. Complete State and FBI Criminal Background Checks
Nebraska applicants will need to login into their NMLS account and head to the Filing section. From there, click on the Criminal Background Check tab. You will authorize a Federal Criminal Background Check by completing the fields and clicking Attest.
Then, Nebraska applicants must schedule an appointment to submit their fingerprints. In the portal, users will click on the Composite View button then select Criminal Background Requests. In this module, you can schedule your fingerprinting appointment by clicking the “Fieldprint” button.
The total cost of the state and FBI criminal background check is $36.25.
5. Complete the NMLS Application
Now it’s time to submit for official Nebraska licensure through NMLS. Applicants will apply through the NMLS licensing portal. Applicants are advised to review the MLO New Application checklist beforehand in order to ensure they’re ready to apply.
You’ll need to pay $150 for the Nebraska portion of the licensing fee. Additionally, a credit report must be submitted at the time of application for a fee of $15.
6. Secure Your Employer Sponsorship
Your Nebraska Loan Officer License will remain in pending status until your employing sponsorship is verified with NMLS. This verification is completed inside of the NMLS portal. Users will visit the Form Filing Home screen, then click Company Access. They’re then prompted to add their employer sponsorship by submitting employment details. Once the sponsoring employer receives notice of the verification request, they can approve the sponsorship. Upon approval, applicants are officially licensed.
Summary of Nebraska MLO Fees
Criminal Background Check
The SAFE MLO Test
NMLS Processing Fee
Nebraska Application Fee
What Else Is There to Know About Becoming a Mortgage Loan Officer in Nebraska?
What is the definition of a Mortgage Loan Officer in the state of Nebraska?
The summary below, written by the Nebraska Legislature, is important for prospective Mortgage Loan Officers to understand:
(16)(a) Mortgage Loan Originator means an individual who for compensation or gain or in the expectation of compensation or gain (i) takes a residential mortgage loan application or (ii) offers or negotiates terms of a residential mortgage loan.
(b) Mortgage Loan Originator does not include (i) an individual engaged solely as a Loan Processor or Underwriter except as otherwise provided in section 45-727, (ii) a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with Nebraska law, unless the person or entity is compensated by a lender, a Mortgage Broker, or other Mortgage Loan Originator or by any agent of such lender, Mortgage Broker, or other Mortgage Loan Originator, and (iii) a person solely involved in extensions of credit relating to time-share programs as defined in section 76-1702.
Note: The titles “Mortgage Loan Officer” and “Mortgage Loan Originator” are often used interchangeably, including in the summary above.
How much do Nebraska Mortgage Loan Officers make?
According to ZipRecruiter, Nebraska Mortgage Officers make approximately $76,000 per year on average as of November 2021. The 75th percentile of earners makes above $99,000, while the bottom 25th makes under $29,000. Top earners can earn more than $134,000 in Nebraska.
What is the Nebraska market like for Mortgage Loan Officers?
There's room to grow in Nebraska, and that's especially true for MLOs. In the past year, the price of real estate has risen by 12.5% with no indication of slowing down. Thanks to its affordability, low interest rates, and wealth of economic opportunity, Nebraska is one of the best states for those looking to help people secure mortgages.
Is Nebraska a good state to work in as a Mortgage Loan Officer?
It pays to be a Mortgage Loan Officer in Nebraska where the average home cost is $213,000. At a commission rate of 1%, that’s a $2,130 payment for the MLO once the loan is secured. There is a lot of variation in home value by city in Nebraska, and naturally the cities with higher average home values will produce greater commission checks.
Home Price: $4,500,000
Your Commission: $450,000
What are some of the notable Nebraska mortgage loan companies?
If you’re looking to get in contact with mortgage loan companies to ask about the profession, services, or employment opportunities, you can contact any of the following local businesses:
Mutual of Omaha Mortgage (Omaha)
Riverbank Finance (Lincoln)
NebraskaLand Bank (Kearney)
Equitable Bank (North Platte)
Castle & Cooke Mortgage (Scottsbluff)